Rising trade tensions drove safe-haven assets higher on Tuesday. United States President Donald Trump reinvigorated the trade war, stating that "there is no deadline" for reaching a deal with Beijing and "in some ways, it's better to wait until after the [2020 presidential] election for the China deal."

Meanwhile, Washington is threatening to impose tariffs of up to 100% on dozens of French products, including wine, cheese, and beauty products.

Gold jumped 0.97% to $1,477.18 per ounce at 10:40 am ET, while silver surged 1.42% to $17.15 per ounce. At the same time, platinum was up 1.27% to $909.98 an ounce as sister metal palladium lost 0.14% to $1,851.86 after reaching a fresh record on Monday.